# OECD Government Saving: Leave-One-Out Robustness

Full OECD sample: Z1 = -43.06 (p = 0.0552*)

LOO coefficient range: [-51.69, -37.92]

Significant at 5%: 7/37 specifications

Significant at 10%: 37/37 specifications

## All Countries

| Dropped | Z1 Coef | SE | p-value | Sig | Change (%) | N |
|---|---|---|---|---|---|---|
| KOR | -51.69 | 22.93 | 0.0244 | ** | +20.1% | 1132 |
| ISR | -48.98 | 22.78 | 0.0317 | ** | +13.8% | 1137 |
| SWE | -47.17 | 22.67 | 0.0377 | ** | +9.6% | 1127 |
| USA | -46.94 | 22.26 | 0.0351 | ** | +9.0% | 1138 |
| LTU | -45.54 | 22.87 | 0.0467 | ** | +5.8% | 1133 |
| JPN | -45.27 | 23.63 | 0.0556 | * | +5.1% | 1127 |
| POL | -44.71 | 22.90 | 0.0512 | * | +3.8% | 1132 |
| HUN | -44.66 | 22.73 | 0.0497 | ** | +3.7% | 1132 |
| CZE | -44.00 | 23.05 | 0.0565 | * | +2.2% | 1133 |
| EST | -43.98 | 22.82 | 0.0542 | * | +2.1% | 1133 |
| TUR | -43.98 | 22.64 | 0.0523 | * | +2.1% | 1137 |
| SVK | -43.82 | 23.21 | 0.0593 | * | +1.8% | 1133 |
| SVN | -43.82 | 23.02 | 0.0573 | * | +1.8% | 1133 |
| IRL | -43.40 | 22.39 | 0.0529 | * | +0.8% | 1132 |
| LVA | -43.30 | 22.84 | 0.0582 | * | +0.6% | 1135 |
| ESP | -43.17 | 23.48 | 0.0663 | * | +0.3% | 1127 |
| NZL | -42.98 | 22.78 | 0.0594 | * | -0.2% | 1127 |
| DEU | -42.95 | 22.84 | 0.0603 | * | -0.3% | 1128 |
| CHL | -42.91 | 22.90 | 0.0612 | * | -0.3% | 1127 |
| NLD | -42.45 | 23.38 | 0.0697 | * | -1.4% | 1127 |
| FRA | -42.41 | 22.75 | 0.0626 | * | -1.5% | 1127 |
| MEX | -42.37 | 23.01 | 0.0658 | * | -1.6% | 1127 |
| CRI | -42.30 | 23.30 | 0.0697 | * | -1.8% | 1127 |
| CHE | -42.25 | 22.71 | 0.0631 | * | -1.9% | 1133 |
| GBR | -42.23 | 22.50 | 0.0607 | * | -1.9% | 1127 |
| AUS | -41.95 | 22.73 | 0.0652 | * | -2.6% | 1127 |
| PRT | -41.75 | 22.68 | 0.0659 | * | -3.0% | 1127 |
| COL | -41.67 | 23.00 | 0.0703 | * | -3.2% | 1127 |
| NOR | -41.65 | 18.00 | 0.0209 | ** | -3.3% | 1127 |
| BEL | -41.51 | 22.69 | 0.0676 | * | -3.6% | 1127 |
| AUT | -41.33 | 22.90 | 0.0714 | * | -4.0% | 1127 |
| DNK | -40.87 | 23.23 | 0.0788 | * | -5.1% | 1127 |
| CAN | -40.86 | 22.80 | 0.0735 | * | -5.1% | 1127 |
| FIN | -40.56 | 23.27 | 0.0816 | * | -5.8% | 1127 |
| GRC | -38.68 | 22.53 | 0.0862 | * | -10.2% | 1128 |
| ISL | -38.55 | 21.85 | 0.0779 | * | -10.5% | 1127 |
| ITA | -37.92 | 22.66 | 0.0946 | * | -11.9% | 1127 |

## Key Countries

| Dropped | Z1 Coef | p-value | Interpretation |
|---|---|---|---|
| JPN | -45.27 | 0.0556* | Result strengthens, remains significant at 10% |
| ITA | -37.92 | 0.0946* | Result weakens slightly, remains significant at 10% |
| GRC | -38.68 | 0.0862* | Result weakens slightly, remains significant at 10% |

## 5 Most Influential Countries

| Dropped | Z1 Coef | p-value | Change (%) |
|---|---|---|---|
| KOR | -51.69 | 0.0244** | +20.1% |
| ISR | -48.98 | 0.0317** | +13.8% |
| ITA | -37.92 | 0.0946* | -11.9% |
| ISL | -38.55 | 0.0779* | -10.5% |
| GRC | -38.68 | 0.0862* | -10.2% |

*Leave-one-out on Z -> govt_saving_gdp, OECD-38. Baseline Z1 = -43.06, p = 0.0552.*